US Economy Expands 3.2%

The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as consumers stepped up spending, the strongest sign yet a sustainable recovery is taking hold.

While growth slowed from the fourth quarter's rapid 5.6 percent pace and was a touch weaker than economists expected, the details of the report from the Commerce Department on Friday were fairly upbeat.

Consumer spending, which normally accounts for about 70 percent of U.S. economic activity, added nearly 2.6 percentage points to U.S. gross domestic product last quarter, the biggest contribution since the fourth quarter of 2006.

The report showed consumer spending rose at a 3.6 percent rate in the January-March period, more than double the 1.6 percent pace in the fourth quarter and the biggest gain since the first quarter of 2007.

Business inventories increased $31.1 billion in the first quarter, adding 1.57 percentage points to GDP, as businesses restocked to meet firming demand. It was the first increase in inventories since the first quarter of 2008.

Businesses also continued to spend on software and equipment, though a bit less vigorously than in the prior quarter, boding well for the economic recovery.

Last month the economy enjoyed the strongest jobs growth in three years as private employers stepped up hiring.

New home construction was a drag on growth in the first quarter after two quarters of gains. Residential investment contracted at a 10.9 percent rate.

Business spending on structures subtracted from GDP for a sixth straight quarter.

Export growth slowed sharply to a 5.8 percent pace in the first quarter from a 22.8 percent rate in the prior period, while imports rose at an 8.9 percent rate. That left a trade deficit that chipped off 0.61 percentage point from GDP.

A separate report from the U.S. Labor Department showed employment costs rose 0.6 percent in the first quarter as benefit costs posted their biggest gain since the second quarter of 2002. Wages advanced just 0.4 percent.

Other reports showed business activity in both New York city and Chicago grew in April, providing additional signs the economy's recovery was growing more durable.

The Thomson Reuters/University of Michigan's Surveys of Consumers showed sentiment falling in April from March as consumers saw the recovery as well under way, but slow. However, their view on how the economy will look 12 months from now improved from the prior month.

TradingEconomics.com, Reuters4/30/2010 10:35:21 AM

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The U.S. economy grew at a much slower pace than previously thought in the third quarter, restrained by weak business investment and a slightly more aggressive liquidation of inventories, data showed on Tuesday.Published on 2009-12-22

US Economy Still in a Gridlock
In the third quarter of 2008, United States economy expended 2.5% qoq, indicating that the worst of the recession may be over. Yet, recent data suggests that the recovery is weak and without improvement in the labor market may not be sustainable. Published on 2009-12-02

U.S. Economy Expanded 2.8% in Q3
The U.S. economy expanded at a 2.8 percent annual rate in the third quarter, less than the government reported last month, reflecting a smaller gain in consumer spending and a bigger trade deficit.Published on 2009-11-24

US Debt May Undermine Long Term Growth Prospects
The United States government has spend trillions of dollars in order to weather the financial crisis. In one hand, the massive fiscal and monetary stimulus has been stimulating the world’s largest economy. But on the other hand it is also likely to undermine long-term growth prospects as the nation will have to take the burden of rising federal deficit and national debt.Published on 2009-11-18

US Economy Still in a Gridlock
In the third quarter of 2008, United States economy expended 3.5% qoq, indicating that the worst of the recession may be over. However, for number of Americans struggling to find a job and make ends meet, the only sign of health of the economy would be an improvement in labor market. Published on 2009-11-02

US Economy Expands for First Time in a Year
The U.S. economy grew in the third quarter for the first time in more than a year, propelled by stimulus-driven gains in consumer spending and home building. Published on 2009-10-29

Weak Dollar Will Jeopardize the US Economic Recovery
Although recent data is signaling that the worst for the US economy may be over, the current pace of growth may not be sustainable. First, the poor condition of the labor market is likely to start having an impact on growth in the form of lower consumer spending. Second, the ongoing weakness in the dollar will eventually make it harder for the US government to keep borrowing money from abroad to stimulate the economy. Published on 2009-10-21

US Economy Shrank 0.7%
The world’s largest economy shrank at a 0.7 percent annual rate from April through June, the best performance in more than a year, revised figures from the Commerce Department showed today in Washington. Gross domestic product contracted at a 6.4 percent pace in the first three months of 2009. Published on 2009-09-30

US Economy May Be in Gridlock For Longer Than Expected
During the last few months, both bad and good news have been coming for the US economy. During some days it seems that the worst recession of the last 75 years is over. However, in other days, bad data is released destroying investors’ confidence. Published on 2009-08-27